to think that at least a house price crash would be a sliver of silver lining

[yougottheshining]

I voted remain. I am beyond upset that we are leaving. However, if house prices in my area come down by 20% I could afford to buy. I'm not even that bothered about being a home-owner per se but I can only afford to rent because I get tax credits and housing benefit (despite working full time). For years I have been shiteing myself about what will happen to me and my kids when these top-ups stop, all the while being subjected to programme after programme about property porn, and headline after headline about how good it is that houses are worth so much money . I have had a permanent knot in my stomach about what will happen when my oldest hits 18 and we have to move to a smaller house because I will no longer get enough to house us all, and again what will happen when my youngest hits 18 and I will have to move to a room in a shared house, and there will be nowhere, I mean absolutely nowhere, for the kids to go. Because rents keep on going up, and I can't afford our (modest) house anyway on what I earn alone, and the only way around that is to buy, but I can't buy because I'm paying out so much in rent. I cannot explain just how worried I have been about this, for years. I really don't want to leave the EU. I have been crying and swearing around the place for the entire weekend. But actually I am in a fucking horrible situation in regard to housing and shelter for me and my family, so AIBU if one of the effects is that house prices fall to a level that will make it affordable for us to have a family home?

[yougottheshining]

Agreed. But I've already been through why the other options don't work. I don't actually give a shit about owning - I just want a home that is secure for me and my family. Private renting doesn't work because the top-ups will stop and I can't afford it on my wages alone. So we'll be out. Council and HA doesn't work because we've been on the waiting list for 10 years and despite having a disability and my CPN writing a reference for me we don't have enough priority to secure a house under choice-based letting which is what our LA/HA allocate. Believe me if I could get one of those houses I would. But I've actually given up applying because there is always someone in greater housing need than us also bidding - in fact, not just someone, but over 100 people. We have no chance. Without either of those things, I cannot house my family in any meaningful way. I've just run through a few of the situations where over-18s need a family home. I'm sure there are others. But I can't provide that, despite working full time. Buying is the only way for us to have a home that is anything remotely long term. I stand to inherit a sum of money at some point over the next 12 months (in probate at the moment). Even with that, we can't afford to buy in the area I need to be in for work, but if house prices dropped, we could. So, I want house prices to drop. I didn't vote for Brexit and I sure as hell don't want it but this so-called house price boom has left me high and dry .

[Babyroobs]

Plenty of people live happily in shared accomodation. I have a friend ( single male) who lives this way and is in his fifties. He is on a low income and gets no benefits despite having his kids to stay at weekends. This is the bit he finds hardest, otherwise he enjoys living in a shared house.

[yougottheshining]

And would you be happy to live in a houseshare when you're in your fifties, Babyroobs? Would you be happy for your at-uni children to be kipping in your bed in said houseshare while you slept - where - on the floor in the shared kitchen maybe, for three months in summer and one month over Xmas and Easter? Have a lovely family time opening presents together over that Xmas break, hearing about all of their experiences at uni, in a shared living-room with three other people there? Maybe you could break out the picnic table and open a Bernard Matthews packet of sliced turkey in the one room you have to yourself to share between you all, and remind yourself that no-one has the right to a family home, and give each other a nice warm hug.

[saltlakecity]

I'm gutted at a fall in house prices. I'm a homeowner and trying to sell. It's disastrous to my finances.

Affordability comes down to area. www.rightmove.co.uk/property-for-sale/property-42614295.html

[BillSykesDog]

HA or council is pretty much impossible to get. Private rented is insecure and unless you are extremely lucky often means living in very poor conditions and having to move and uproot your children every six to twelve months, changing schools, paying out a small fortune for agents fees, credit checks (which are often scams anyway) and moving charges. Frequently to live in overpriced substandard overcrowded accommodation.

The lives led by people who haven't been able to get on the housing ladder are often ones of absolute grinding misery. And each time you're forced to move the next place is worse because prices are going up and what you can afford gets shitter and shitter.

I don't have huge amounts of sympathy for people who think that negative equity with a stable roof over their head is the worst thing that can happen to them.

[saltlakecity]

That isn't my house by the way. Similar property though.

[alleypalley]

I know someone who voted out in the hope that it would trigger a house price crash, said they wanted their kids to be able to afford to but a house one day. I've since found out she's planning on moving to Ireland soon anyway (Irish dh). I wander if she'd vote for Ireland to leave the EU so flippantly.

[yougottheshining]

It's not that horrendous a financial situation as long as you don't need to sell. And it's certainly nowhere near as bad a financial situation even if you do need to sell as living in a shared house at 50, or 60 years old, which is what is happening now and will continue to happen to people in ever greater numbers. .

[TooMuchMNTime]

I hear you OP
I'm a home owner and I think it's awful the way prices have gone up. I don't benefit from that either unless I want to downsize my tiny flat.

Most indicators suggest a fall in interest rates rather than a rise.

[yougottheshining]

Essentially, all that negative equity means if you don't need to sell is that you pay over the odds for your house. Well, welcome to my world. In fact, you've got it good compared to private renters, because not only are we paying over the odds for our houses, but we don't even get to own them in the end.

[BillSykesDog]

Negative equity is nowhere near as bad as the problems I see people with in private lets. Sorry, but it's just not. It may have some inconveniences attached, but it just doesn't come close.

[BillSykesDog]

And actually, no, Alasalas I don't have much sympathy for your situation. You want a bigger house and more room but have a stable roof over your head. I feel much more sympathy for people who face homelessness every few months and can't give their families a stable home and have to go from one mould covered shit pit to another and pay through the nose for it. I think to them the option of a slightly cramped but stable home would sound delightful.

[iniquity]

A lot of landlords won't even rent to families anymore, preferring multiple single workers.

[yougottheshining]

BillSykesDog, thank you for understanding. Iniquity, that's true. Our previous landlord is a case in point - he started making comments about 'Oh I could get so much more if I turned this into a student let ... don't worry; I'd never do that to you' etc etc. Then his record which from the start had been one of neglect for the property but what can you do when it's the roof over your head so I paid for stuff myself including fixing the roof ffs - that went from bad to worse and changed to outright hostility (this was in tandem with sleazy workmen (when they did show up) who told me about how they liked to go through tenants' knicker drawers knowing wink knowing look) and eventually threats and intimidation until I woke up every day crying just because I was so afraid of what was going on and it was so difficult to move with kids in tow and claiming tax credits etc. He's got students in there now. They 've recently moved out and they've wrecked the fucking place - I can see through the windows that the carpet's trashed and one of the radiators is hanging off the wall. Good.

[iniquity]

I gather you don't rent Alasalas? I agree negative equity when you want to move must be dreadful, but can you imagine what its like for private renters atm?

[HisNameWasPrinceAndHeWasFunky]

One of the reasons house prices would plummet is because mortgages will be harder to get.

Possible higher interest rates too.

Nothing to stop those with money and equity already to take full advantage.

I don't know that it's the solution you think it is.

[PastaLaFeasta]

House prices dropped in 2008 but interest rates went down so crazy interest rates isn't a forgone conclusion to a fall. As a home owner I'd be better off with a fall because we have a good proportion of equity to cushion the drop in price, many home owners are similar as they bought a while ago or had large deposits (some from selling their previous home). Due to ridiculous prices we are trapped in a home too small for our family, according to many as I'm happy here for now. If there was a drop we may be able to buy a three bed house despite losing value in our current home. There may be more people who could gain than lose, although supply will limit this and has to be met with house building being pushed by the government or buy to lets being sold. Prices are currently artificially inflated by developers controlling the rate of building/selling.

I wouldn't buy right now for fear of falling prices but do believe prices are unrealistic. I suspect the market has slowed due to the referendum and high asking prices.

[yougottheshining]

Alasalas2 are you for real? You honestly think that being two months away from being homeless at any one time isn't precarious? Because it isn't just the notice that is an issue - it's the fact that any time you try to hold your landlord even to his nugatory repairing obligations they can boot you out because they think you're awkward or bolshy or whatever. And every time you move, the rent goes up - because that's what it does, it goes up. Private renting affects every aspect of your sense of home. Even the place I live in now - which is a million times better than the one we left, where our possessions were damaged due to damp and mould - needs work done on it. But the landlord wont' do it. It's not as bad as other places we've been in, and moving is fucking expensive when you've got to pay two lots of rent and council tax for however many weeks overlap as well as all the normal costs, so we're staying. Also there's no guarantee that we'd even be accepted by another agent due to claiming tax credits, and there's the overlap with the bond etc. But would I get out of this situation if I could? Abso-fucking-lutely. How I live and how the other 35% of other private sector renting households live is in no way comparable with people who are paying a bit more money for their house which they will eventually own outright than they would rather.

[NoodleEatingPoodle]

YANBU, OP. Negative equity with a mortgage you can just about keep up with is a shit situation. But the rental trap and lack of housing security is much, much worse. I can't believe there are people on this thread telling you - from the comfort of their secure homes - that you're unreasonable for hoping this situation presents you an opportunity to buy, and for not wanting to be house sharing in your 50s with nowhere for young adult children to come home to. I really hope you get the chance to buy something secure soon, whether due to the economic fallout of Brexit, or some other turn in your circumstances.

[yougottheshining]

NoodleEatingPoodle thank you for being so nice!

[NoodleEatingPoodle]

You have no idea of my circumstances, Alasalas2, so I don't know how you can see what's advantageous for me, or not.

Yes, if you lose your job your housing is at risk and you might be in debt. No shit. That's the same for everyone, what do you think happens to renters when they lose their jobs? Bit different than OP who is working full time and still at risk of homelessness though, eh?